KakaoTalk is a messaging app developed by a South Korean internet company Kakao. With its growing popularity, KakaoTalk has decided to have a digital crypto wallet of its own. A digital crypto wallet is an essential software to have when a company deals in cryptocurrency.
The wallet’s main purpose is to make secure cryptocurrency transactions and also keep an account of all the dealings. Having a digital wallet helps not only the company but also the user because it makes the process of managing and accounting virtual currency easier.
Kakao is an internet company, and it is estimated to be providing its services to over forty-four million users. Its KakaoTalk app is immensely popular in Asia. Almost eighty percent (80%) of the South Korean population uses KakaoTalk.
Kakao deciding to incorporate crypto has very beneficial prospects for the future of cryptocurrency. If crypto is incorporated in such a big organization then over a half a billion people are getting first-hand exposure to new booming technology at work.
Seeing how crypto and blockchain technology has found a new and permanent place in the business market, Kakao has also decided to migrate all of its platforms like KakaoTalk and Kakaogames, etc. to the blockchain networks. The first platform that is planned to be moved is KakaoTalk. For this purpose, the company managed to create its own blockchain network, Klaytn.
By doing this, the KakaoTalk platform will enable its users to carry out transactions of crypto. Every perfect plan can backfire unexpectedly, and Kakao has taken that possibility into consideration. They have made this new function of KakaoTalk a choice function that the user will be asked to permit. The user is not bound by this function.
Kakao making a move in incorporating crypto in its organization only goes to show that South Korea is interested in virtual currency and assets. It is also a very active participant in the crypto market. However, like China, South Korea has also banned Initial Coin offering.
Even the CEO of BlockchainROK shared his thoughts about Kakao’s decision. He said that such an enormous conglomerate with over ninety-five percent shares in the market trusting and incorporating this new technology is going to be very helpful for local adoption of cryptocurrency,
Kakao is the first messaging app that has made this decision. It may also be the first to start a wide scale adoption of crypto by other messaging apps like Whatsapp and Line etc.